This invention relates to a unique method for selecting and developing new products for introduction into the marketplace.
Each year individuals and small businesses conceive of thousands of ideas or concepts for new products. Few of these new product ideas, however, are ever developed and brought into the marketplace. Consequently, few inventors ever realize any financial gain as a result of their inventions. There are a variety of reasons why so few new product ideas progress to ultimate market introduction. A significant barrier is the financial expense relative to new product development which includes evaluation of marketability, patentability, and technical feasibility. Additional expense is incurred relative to product design, proprietary protection of the intellectual property encompassing the product, prototype development, etc. Further, few inventors pursue development of their new product ideas because completion of the above mentioned steps does not guarantee success in the marketplace. Only the “best” new products are ultimately successful.
Therefore, it is desirable to have a method for new product development which increases the expectation of financial return and decreases the cost of product development to individual inventors. Further, it is desirable to have a method for new product development which provides financial return to all inventor participants even if only a single new product idea progresses to market introduction.